Elliott Wave analysis of EUR/NZD for January 18, 2013
Today’s Support and Resistance levels:
S1: 1.5982 R1: 1.6054
S2: 1.5946 R2: 1.6100
S3: 1.5882 R3: 1.6155
Our call for the termination of blue wave ii was correct and we should now see a very powerful move towards the upside as blue wave iii develops. The first target for blue wave iii is at 1.6267, where blue wave iii will be equal in length to blue wave i, but normally we would expect an extension in wave three and that would call for blue wave iii to rally even higher towards 1.6542. We will of cause have to wait and see how this rally unfolds. In the short term we will look for support at 1.5946 to protect the downside for the next rally higher.
We are long EUR from 1.5655 and will move our stop higher to 1.5755. If you are not long EUR already, buy at 1.5955 or a break above 1.6055 with the same stop.
The material has been provided by Instaforex Company – instaforex.com